Tigerland complex sells
The 32-unit Tiger Park Apartments, at 4639 Tigerland Ave., has sold for $1.494 million, or about $46,690 per unit, in a transaction that closed Nov. 30.
Zag-M Lit J & T was the buyer, and Baotian Wang was the seller. Doug Garland with Gully, Phelps & McKey, and Robbie Durham with Durham Real Estate co-brokered the sale.
The complex (below), built in 1976, is composed of two-bedroom units that rented from $550 to $625 per month. Despite its age, Garland says, the property was in good condition, relatively well maintained and had an occupancy rate that averaged above 90%.
The complex, which was on the market for about 60 days, originally was offered for $1.625 million.
Copper Mill picks up
Thirty-seven lots in filings 6A and 6B of the Copper Mill subdivision in Zachary have sold for $1,476,300, or about $40,000 per lot, in a transaction that closed Dec. 13. John Engquist was the buyer, and George Robinson Jr. Real Estate was the seller.
Lots in the sixth filing are heavily restricted. According to Ross Bruce with Copper Mill, lots in filing 6A measure 60 feet by 100 feet, and lots in filing 6B measure 80 feet by 165 feet. The sixth parcel is Copper Mill's only gated community, and homes in these filings must meet strict architectural standards, including a minimum living area of 2,000 square feet.
Copper Mill's seventh filing recently was approved by the planning commission and the Zachary City Council. The filing's 55 lots will be developed and then sold to DSLD, which has agreed to build $250,000 homes that are a minimum of 1,600 square feet.
DSLD's senior partner is Saun Sullivan, who recently was named the 2011 Builder of the Year by Professional Builder magazine. DSLD's involvement with Copper Mill represents a step up from the builder's target market of first-time homebuyers, Sullivan says. Construction in the seventh filing is expected to begin in early 2012.
IberiaBank buys site
IberiaBank has purchased a 55,000-square-foot site at Airline Highway and Pecue Lane for $1,375,650, or about $25 per square foot, in a transaction that closed Dec. 9.
All Star/Pecue Development was the seller. According to Mark Hebert with Kurz & Hebert Commercial Real Estate and Beau Box with Beau Box Commercial Real Estate, the deal took two years to close.
All Star/Pecue Development purchased a 24-acre site in May 2005 for a little more than $2.4 million, and then donated 2½ acres for the relocation of Pecue Lane. It also spent money to mitigate wetlands, and clear and fill the site. The brokers attempted to obtain a curb cut from the state to access the property. In this case, multiple lots will be accessed by one curb cut.
Hebert says the original 24 acres were subdivided into three outparcels, including one that is under contract to CVS Pharmacy, a deal that should close in early 2012. He also says that five acres at Airline and Pecue are being held for a future automotive dealership.
IberiaBank is expected to begin construction of the branch early next year.
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